By IANS,
New Delhi: Australia Tuesday welcomed the decision of the Indian government to start negotiations on a Free Trade Agreement (FTA) between the two countries.
The Prime Minister’s Trade and Economic Relations Committee (TERC) Saturday gave the green signal for talks on the FTA with Australia.
“That India has now formally agreed to begin the negotiation process is a milestone in the Australia-India relationship,” Australia’s Trade Minister Craig Emerson said in a statement issued here by the Australian high commission.
He said that India was an “enormous, rapidly expanding market for Australian businesses and negotiations for a high-quality trade deal are central to the (Prime Minister Julia) Gillard government’s wider plans for greater economic integration between our two countries”.
The decision to start FTA negotiations comes ahead of the visit of Indian Commerce Minister Anand Sharma to Australia May 12, when he will meet Emerson.
The Australian minister said that the launch of FTA negotiations will feature in the talks, with Australia looking forward to determining negotiating objectives and mandate.
“Such a deal would broaden the base of merchandise trade, remove barriers to services trade, facilitate and encourage investment and address behind-the-border obstacles to trade,” said Emerson.